Russia extends counter sanctions until end of 2018

Russian President Vladimir Putin, on Friday, signed a decree extending counter sanctions on the European Union until the end of 2018.

Russia banned wholesale imports of fresh food products from many Western countries in 2014 in retaliation for the EU sanctions.

Earlier on Wednesday the EU formally extended its economic sanctions on Russia, imposed in July 2014.

“In this situation, we will respond adequately, yesterday we discussed this issue with the president. The government will propose to the president that the counter measures should be extended for another year until December 31, 2018,” Russian Premier Dmitry Medvedev said on Thursday.

Putin had lashed out at some Western nations three years ago for sanctioning the referendum in Crimea that saw it return to Russia. He had banned food imports from countries that had tried to punish Moscow with sanctions.

Moscow says the counter-sanctions are helping spur the development of Russian agriculture.

“Russian food exports are now worth more than Kalashnikovs and all other military hardware combined”, according to a Bloomberg report.